Saudi stocks drop amid a string of negative earnings reports: Opening bell

Follow-ups -eshrag News:

RIYADH: Saudi Arabia’s main stock market crossed the 13,900-level for the first time in 16 years on Monday but gave up gains later in the day due to lower investor sentiment.

TASI, as the main index is known, closed flat at 13,814 points, and the parallel market Nomu dropped 0.3 percent to 23,475 points.

Elsewhere in the Gulf, stock exchanges of Abu Dhabi, Dubai, Qatar, Bahrain, and Kuwait all declined, with Dubai’s DFGMI dropping 2 percent. 

Bucking the regional trend, the Omani bourse added 0.5 percent.

Outside the Gulf, Egypt’s blue-chip index EGX30 shed 1.8 percent.

In energy trading, Brent crude reached $105.1 a barrel and US benchmark West Texas Intermediate traded at $102.35 a barrel as of 9:22 a.m. Saudi time on Tuesday.

Stock news

Petrochemical firm SABIC Agri-Nutrients Co. saw a near six-fold jump in its quarterly profits to SR2.5 billion ($670 million), buoyed by a surge in sales

The National Shipping Co. of Saudi Arabia, known as Bahri, announced plans to issue Sukuk worth SR3.9 billion

PIF-owned digital security firm Elm’s shareholders approved SR3 per share as cash dividends for 2021

Amlak International for Real Estate Finance posted an 8 percent increase in first-quarter profits to SR27 million 

Shareholders of Zahrat Al Waha for Trading Co. approved a cash dividend of SR 1.5 per share for 2021

UAE-based Aventus Global, a fully-owned unit of Saudi marketing firm Tihama, signed a deal with Nextbite to transfer its assets and liabilities at a value of 3.7 million dirhams

Abdullah Al Othaim Investment Co. said it intends to proceed with an initial public offering of a 30 percent stake on Saudi Arabia’s main stock market

Saudi Exchange announced the delisting of Saudi Electricity Co. Sukuk 5113, after the state-owned company fully redeemed its sukuks

Saudi Industrial Investment Group reported a 23 percent profit drop during the first quarter to SR235 million due to higher feedstock costs

Shareholders of Mouwasat Medical Services Co. approved the board’s recommendation to distribute annual cash dividends of SR2.75 per share

Wafrah for Industry and Development Co. turned from losses into profits of SR6.15 million during the first quarter of 2022

Seera Group Holding narrowed losses by 52 percent to SR63 million last quarter, driven by a rebound in travel

Jarir Marketing Co. said it will distribute dividends of SR2.05 per share after profits slightly slipped by 6 percent to reach SR251 million last quarter

Al-Baha Investment and Development Co. managed to reduce its accumulated losses to 27.5 percent of capital, amounting to SR81.7 million


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